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20121201
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advisors and steven gil garcetg and our own jeff cox. no encouraging words out of washington, here we go again, from either the fed or congress. >> right, and frankly that's very expected. there's going to be a -- some grandstanding about your political philosophies right up until the end, but the way i view this is we will not and cannot go over the fiscal cliff. >> you think the can will be kicked down the road. >> well, i think washington learned its lessons from the credit crisis. they are not going to have this go over the cliff, and i think it's going to be a recipe of a small part of cutting spending. a small part of raising taxes and a healthy doze of kicking the gan down the road. >> you would be so sure that these guys cannot do it when in fact here we are 18 days away. steve sax from your standpoint in, terms of etfs and in terms of indexing out there, how do you want to invest given all of these uncertainties as we approach year end? >> i'm in the camp i certainly hope we can avoid the fiscal cliff, but right now i don't have a lot of confidence. we're still seeing a lot of f
cliff, and what do you make of the recent complacency? is there a wall street/washington disconnect? >> interesting question. well, i certainly hope that markets won't have to tank. i don't -- we want to have confidence, not just in markets but in businesses and households as well, and the best way the fiscal policy-makers can achieve that is by coming to a solution as quickly as possible. markets have obviously already responded to some extent, up and down. can you see from day to day how they respond to news about the negotiations. but, on the other hand, it's also true, if you look at experience, i think very informative experience of the debt limit debate in august of 2011, that both confidence and markets remain pretty sanguine up to pretty close to the point where it looked like there was actually a chance tat debt limit would not be raised. and then, of course, there was a pretty sharp shock particularly to confidence about the time of the -- you know, of the final debates so it's not unusual to see markets being complacent. of course, there's -- from the market point of view
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